Business
UAE Update: Official launch of the Shari'a project
UAE Update: Official launch of the Shari'a project.
About this update from Supply@me Capital Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0690E\n Supply @ME Capital PLC \n 03 November 2020\n \n \n \n 3 November 2020\n \n \n \n Supply@ME Capital plc\n (The \"Company\" or \"SYME\")\n UAE Update: Official launch of the Shari'a project\n \n Supply@ME Capital plc, the innovative fintech platform which provides a unique, market leading Inventory Monetisation\n \n ©\n \n service to European manufacturing and trading companies, is pleased to announce that it has agreed with one of Europe's largest banking groups (\"Shari'a Funding Specialist\") to launch, together with iMass Investments (\"IMass\"), a Shari'a compliant version of its Inventory Monetisation platform.\n The Shari'a Funding Specialist has confirmed that SYME's platform is compliant with Shari'a rules from both an Inventory funding and Client company perspective, and together with iMass, has agreed to support SYME through the formal authorisation process.\n The Shari'a Funding Specialist has a large division that focuses on the setting-up, marketing and distribution of Islamic religious law compliant products for professional and qualified investors both in the Gulf Area and internationally.\n \n As announced on 10 August 2020, iMass became SYME's middle eastern partner. iMass was founded in 2007 to invest directly in leading companies and major development and commercial projects in the EMEA region including into the industrial, food supplies and general trading, real estate and services sectors.\n \n Investopedia, (updated 6 July 2020) lists more than 300 banks and 250 mutual funds globally which comply with Islamic principles. Between 2000 and 2016, Islamic banks' capital and reserves grew from $200 billion to nearly $3 trillion. This growth is largely due to the expanding economies of Muslim countries.\n \n Standard & Poors (S&P Global - Islamic Finance Outlook 2020) sees Fintech as a potential accelerator that could help return Islamic finance to a period of strong growth by facilitating easier, faster transactions, improving the traceability and security of transactions using blockchain, enhancing the accessibility of Islamic financial services and improving governance. Specifically, blockchain could resolve three challenges related to \"sukuk\" (an Islamic financial certificate, similar to a bond, that com...